Category: Bitcoin

CEO of Microstrategy Michael Saylor has advised Nigeria and Zimbabwe to issue currencies backed by Bitcoin (BTC) to help them address economic challenges.

Speaking in a video, where he also addressed claims that the Bitcoin network was too big to scale, Saylor suggested to the African nations to purchase $2 – 3 billion worth of BTC and peg their currency to it. He explained that:

“You wanna fix your country, like Nigeria, or Zimbabwe? The way you fix your country is you buy $2 billion, $3 billion worth of bitcoin, and you issue currency backed by the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.”

Before proposing suggestions to Nigeria and Zimbabwe, the CEO also highlighted Turkey as another country that needed the help of BTC to revitalize the lira. Saylor explained that if Turkey purchased $5 billion worth of BTC and held them for the next five years, it should strengthen the lira.

That said, only one country—El Salvador—has acted in line with Saylor’s suggestion. Other countries have instead decided to create their digital currencies, like Nigeria with the eNaira, which they hold should lessen the appeal of Bitcoin.

However, Saylor insisted in the same video that “this will happen and this will prove that bitcoin is ‘the kingmaker.’”

Key Bitcoin Levels to Watch — October 19

BTC continues to struggle to record a clean break above our ascending trending, although glued to it, indicating bullish persistence. That said, bulls could secure a break above the $63,000 critical resistance over the coming days if they maintain this persistence and could reclaim the $65,000 peak before the end of this week.

We expect the price of the benchmark cryptocurrency to continue posting higher lows along our supporting trendline to $65,000. However, failure to push above the $63,000 resistance in the coming hours and days could foil this bullish trajectory and trigger a massive correction.

Meanwhile, our resistance levels are at $63,000, $64,000, and $65,000, and our key support levels are at $61,785, $61,000, and $60,000.

Total Market Capitalization: $2.49 trillion

Bitcoin Market Capitalization: $1.17 trillion

Bitcoin Dominance: 47.1%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

It appears that the US States Securities and Exchange Commission (SEC) could approve its first Bitcoin (BTC) Exchange-Traded Fund (ETF) soon, after years of turning down numerous ETF proposals.

The company that filed for its Bitcoin Strategy ETF, ProShares, could become the first company to receive the BTC ETF greenlight from the SEC next week. The company recently filed an amended prospectus, indicating that the ETF could launch as soon as tomorrow.

That said, the ETF in question is not a standard one but a futures-backed product. This means that the product tracks Bitcoin futures contracts and not Bitcoin itself.

Nonetheless, this development remains a significant achievement for Bitcoin and the cryptocurrency industry and one many analysts believe will have a lasting impact on the industry.

Exchange-Traded Funds typically provide a less-risky avenue to gain exposure to the assets in question in a regulated and secure setting. ETFs are the preferred investment routes for most institutional investors, especially with risky assets.

While the SEC has not published any official confirmation yet, rumors have put the crypto community in high spirits and bolstered the price of BTC. The benchmark cryptocurrency marked a steady ascent to the $63,000 line on Friday, 3% from its previous all-time highs of $65,000.

Key Bitcoin Levels to Watch — October 17

Following its parabolic run to the $63,000 mark on Friday, BTC has entered a minor correction towards the $60,000 psychological support. This correction comes amid a break above the critical 1192.23 area on our 4-hour MACD tool, indicating a foray into overheated conditions.

That said, as market conditions cool down, bulls need to defend the $60,000 psychological level over the coming hours and days to retain their dominant standing. A break below that support could foster a bearish continuation towards the $59,000 – $58,000 axis, stalling the primary cryptocurrency from reclaiming its previous ATH this month.

Meanwhile, our resistance levels are at $61,785, $63,000, and $64,000, and our key support levels are at $60,000, $59,000, and $58,000.

Total Market Capitalization: $2.49 trillion

Bitcoin Market Capitalization: $1.15 trillion

Bitcoin Dominance: 46.3%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

New reports from Glassnode show that despite the recent price surge in Bitcoin (BTC), long-term holders have shown no intention to liquidate and realize profits yet. The blockchain analytics provider also revealed that the percentage of BTC supply held for at least three months reached 85%, a new all-time high.

Citing data from Glassnode, famous Chinese crypto analyst Colin Wu illustrated the recent behavior of Bitcoin holders and their attitude towards the benchmark cryptocurrency. The analyst detailed that the percentage of long-term holders that have not moved their coins in over ten years stands at 12.3%. These tokens are deemed dormant for this reason.

The analyst further noted that the percentage of long-term holders that have not transferred their coins between two to three years and three to five years stands at 10% and 12.26%, respectively.

Finally, the highest percentage of long-term holders were those who have refused to move their coins between the last six months to twelve months, standing at 19.5%. That said, 85.14% of BTCs have not exchanged hands for at least three months, a new record high.

In July, Bitcoin struggled to keep its head above the $30,000 mark. Today, it has almost doubled this number, but investors remain steadfast in holding their coins.

Key Bitcoin Levels to Watch — October 14

As predicted in our previous analysis, BTC witnessed a sharp correction to the $55,000 – $54,000 pivot axis from the $57,500 level over the last 48 hours. This correction found immediate support from the $54,000 level, which triggered a rebound to a new five-month high at $58,500 earlier today.

While the price currently rests around $57,500, we expect a bull run to the $59,000 resistance over the coming hours and days.

Meanwhile, our resistance levels are at $58,000, $59,000, and $60,000, and our key support levels are at $56,700, $56,000, and $55,000.

Total Market Capitalization: $2.40 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 44.9%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

According to on-chain data, retail traders have not returned on the Bitcoin (BTC) scene despite the recent +35% rally. Google Trends data shows that queries about BTC, which is typical in market conditions like presently, are nowhere close to conventional heights.

Reports show that the number of “Bitcoin” queries on Google is at relative lows in October. The current figures are nothing compared to the yearly highs reached in May, following BTC’s rally to the $65,000 all-time high. This disparity only increases when compared to the highs recorded in December 2017.

Also, the “buy Bitcoin” searches on Google have stalled in recent weeks, indicating that retail investors are not in the market presently.

This development reaffirms recent reports that the current bullish wave in BTC came from institutional investors and not retailers. This also paints an interesting picture of how BTC could perform once retail investors come back on board.

Meanwhile, the general BTC market sentiment has entered “Greed” levels amid the rally. The last time the primary cryptocurrency market sentiment entered “Greed” levels above 71 was in early September, when BTC traded above $50,000.

It is worth mentioning that the index going into any of the extremes, Greed or Fear, gets followed by an adjustment in the opposite direction. Nonetheless, the index still has some room left before Bitcoin enters “Extreme Greed.”

Key Bitcoin Levels to Watch — October 12

After a prolonged consolidation around the $56,000 – $54,000 last weekend, BTC has finally captured the $57,000 line, as bulls remain unrelenting. The benchmark cryptocurrency continues to etch closer to touching the bullish tripwire, which could cement its ascent to the $65,000 all-time high.

That said, our MACD indicator shows that BTC has recorded a minor correction, albeit insufficient in our view. This indication creates a tense situation around the primary cryptocurrency as a correction to the $55,000 – $54,000 could occur anytime.

Meanwhile, our resistance levels are at $58,000, $59,000, and $60,000, and our key support levels are at $56,700, $56,000, and $55,000.

Total Market Capitalization: $2.30 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 46.8%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

Pro-Bitcoin Senator, Cynthia Lummis, has disclosed that she purchased Bitcoin (BTC) in a periodic transaction report (PTR).

According to the filing, the Wyoming Senator bought between $50,001 and $100,000 worth of BTC on August 16. At the time of purchase, the benchmark cryptocurrency traded at $45,000.

That said, this disclosure comes seven days outside the mandated 45-day reporting window according to the Stop Trading on Congressional Knowledge (STOCK) Act. The law requires that members of the US Congress disclose every purchase or sale of individual stocks, bonds, and Commodity futures with $1,000 and above within 45 days after the transaction.

In an interview with CNBC, a spokesperson from the Senator’s office noted that the delay in disclosure came due to “a filing error,” explaining that:

“Once we realized [the error], we worked with the Ethics committee to fix it. It was an honest mistake, and the issue has been resolved without penalty.”

The Senator’s BTC purchase in August came after she noted that she would “buy the dip” as the price fell to $30,000.

Senator Limmins remains an ardent supporter of Bitcoin. The Senator revealed that she bought her first BTC in 2013 for only $330 and owned 5 BTC as of June. She declared in February that:

“I still think it is an excellent store of value and that it should be part of every individual person’s investment portfolio.”

Key Bitcoin Levels to Watch — October 10

Bitcoin has entered a prolonged sideways momentum as bulls run out of steam. That said, the benchmark cryptocurrency faces a threat of a bearish correction to the $52,500 region if bulls fail to clear the $56,000 barrier in the coming hours.

This bearish inclination comes amid cautions of BTC trading in overbought (greed) market conditions. Nonetheless, the coming hours are critical to the short-term price direction of the flagship cryptocurrency.

Meanwhile, our resistance levels are at $56,000, $56,700, and $57,000, and our key support levels are at $54,000, $53,000, and $52,500.

Total Market Capitalization: $2.32 trillion

Bitcoin Market Capitalization: $1.03 trillion

Bitcoin Dominance: 44.8%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

Amid a sharp bullish resurgence across the crypto market, Bitcoin (BTC) recorded a massive jump to the $55,800 level yesterday, its highest point since early May this year.

The benchmark cryptocurrency is up by 6% and 26% over the past 24 hours and the past seven days, respectively, according to data from CoinMarketCap.

BTC reached an intraday high of $55,800 yesterday before posting a -3.5% drop below the $54,000 line a few hours ago.

Meanwhile, Bitcoin’s market dominance also recorded a significant increase, indicating that the primary cryptocurrency had a better performance than most altcoins in recent days. The BTC market dominance currently sits near 45%, a two-month high.

Also, hundreds of millions of dollars in leveraged positions got liquidated, over 90% of which were short positions. A large percentage of this liquidation came from behemoth exchange Huobi, which recorded the largest single valuation ($11 million).

Meanwhile, the altcoin sector also recorded some gains, with Shiba Inu surging by a jaw-dropping 364% over the past seven days. Ethereum (ETH, Binance Coin (BNB), Cardano (ADA), Ripple (XRP), and Polkadot (DOT) all recorded significant gains over the past 24 hours with +5.2%, +4.6%, +7.9%, +3.8%, and +12.4%. Solana (SOL) remained relatively unchanged with +1.4%, while Dogecoin (DOGE) dropped by -2.3% despite the market-wide rally.

Key Bitcoin Levels to Watch — October 7

Following a short consolidation below the $51,400 level, Bitcoin recorded a spike in trading volume, which triggered an 8% spike under four hours, helping the cryptocurrency peak at the $55,800 mark. That said, the benchmark cryptocurrency has recorded a bullish weakness this morning, as the price corrected slightly below the $54,000 support.

We expect to see a bearish continuation to the $52,500 – $52,000 support area in the coming hours and days as the cryptocurrency comes out of overnight conditions.

Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500.

Total Market Capitalization: $2.29 trillion

Bitcoin Market Capitalization: $1.01 trillion

Bitcoin Dominance: 44.3%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens